Making money as a landlord in Pocatello is about more than just gaining rent checks. For many rental property owners, the solution to long-term success is to use a small number of small but important strategies intended to grow rental property income without raising your tenants’ rent. Keep reading to find out how to boost your rental revenue – none of which needs upping the rental rate.
Reduce Monthly Expenses
One of the first things you need to do to increase rental property income is to look at your monthly expenses for opportunities to reduce costs on your rental property. If you’ve never looked for landlord insurance rates in the last year, this is your chance to look around and check whether you can pick a good policy for a lower price. Another option to help you reduce your monthly expenses is to partner with a professional Pocatello property management company. It may sound like a paradox, but collaborating with a property management company can help you reduce your maintenance and repair costs. This is due to regular, comprehensive property maintenance often lowering the cost and number of emergency repairs. Also, well-connected brands like Real Property Management Pocatello have beneficial relationships with home service providers that help keep costs down.
Charge Pet Rent
If you don’t already give your blessing to your tenants to keep a pet on the property, you might want to change your policy to allow for a “pet rent.” While this will increase the overall payment your tenant pays each month, most pet lovers are willing to do so if it means they can keep their beloved animal on the property. Numerous property owners also entail a cleaning fee to cover additional costs when preparing the property for a new tenant.
Rent Out a Garage, Shed, or RV Space
If your property has an unoccupied garage, RV space, or shed, think about renting them out separately. A large number of individuals are looking for secure storage space close to home. Sadly, big storage unit complexes regularly charge far more than many people are willing to shell out and may even require long-term contracts. If you can rent your unused storage areas for a little lower than the going rate, you’ll have the extra profit in your pocket each month.
Offer Upgrades
Various property owners have started to add extra services and upgrades to busy tenants. Since numerous people are working more than ever, anything you can do to make their life easier – for an additional fee, of course – may be welcome. You may offer your tenants internet service, alarm service, cleaning, lawn care, or even laundry or grocery delivery services. As more and more people begin subcontracting these services, they may jump at the chance to get the assistance they need through their landlord or property manager.
Furnish Your Rental
If you have the means, you can also demand a fee for specific furnishings in your rental homes. Furnished rentals commonly rent for more than unfurnished ones. It also enables you to rent to corporate and cross-country tenants who pay well for a premium rental home. If you‘ve been trying to find a way to reach a new renter demographic and boost rental property income, furnishing your rental property could be the answer.
Are you searching for additional ways to improve your rental’s monthly cash flows? Contact us today either online or by calling 208-234-1000. Our property management experts can help you make sure that you maximize your property’s potential for the highest possible monthly income.
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